Fine Art "Firmly Planted" As An Asset Class?

The Christie's POST-WAR & CONTEMPORARY ART EVENING SALE that brought in $852 million:

"For better or worse, fine art is now firmly planted alongside equities, bonds, commodities and real estate as an asset class."

I don't think so. They even admit it:!

“A lot of contemporary art is aggressively ugly,” Professor Galenson said. “That doesn’t matter in terms of its value.”

This art is garbage. It will lose over 99% of its value.

By the way, a big giveaway that China was a bubble/misallocation was that they were buying western contemporary art.

"The Bed" Sells For $4.3 Million

We mentioned that The Bed was being auctioned with a price estimate of an absurd $2 million. It ended up selling for $4.3 million!

A bit more background on The Bed:

"Emin's bed was first shown in Tokyo, where the Japanese customs attempted to destroy it as it arrived in the country, and then in New York. After being nominated for the 1999 Turner prize, and causing a subsequent media frenzy, it caused visitor numbers to Tate Britain to hit a record high"

1999 = 2014